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Income tax

Expert commentary and practical guidance from ICAEW related to income tax in the UK personal tax regime.

In this section

Practical guidance

ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax

TAXguide 14/21 Income tax loss carry back

Finance Act 2021 introduces a new loss relief allowing trading losses incurred in 2020/21 and 2021/22 to be carried back for relief against trading profits in the preceding three tax years. In this TAXguide Rebecca Benneyworth explains the measure in detail and examines some of the complexities that arise when considering the practical implications of the loss carry back.

TAXguide 15/20: CGT UK property disposal reporting

The requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential property separately from the self assessment tax return was introduced in April 2020. The deadline is 60 days for all completions on or after 27 October 2021. Disposals occurring before this date had to be reported within 30 days. Non-residents have had an obligation since 2015. ICAEW’s Tax Faculty provides guidance on the digital service for reporting disposals to HMRC.

TAXguide 09/18: simple assessment

In TAXguide 09/18 Caroline Miskin explains what a simple assessment is and how HMRC is using them to reduce the number of taxpayers from self assessment. Read a summary here, Tax Faculty members can download the full guide.

TAXguide 04/17: Offshore trust changes

In TAXguide 04/17 - Offshore trust changes, Sue Moore, technical lead for private client tax matters in the Tax Faculty, provides information on the implications of changes to income tax legislation published on 26 January 2017. In particular the guide offers more details on transfer of assets and settlements legislation and has been created with input from HMRC.

Features and articles

ICAEW technical round-up: August 2023

This month’s top stories include HMRC’s extension to the trial for responding to old post; draft legislation released which prompts taxpayers to provide more information to HMRC; and the latest figures on HMRC caller waiting times.

Tax news in brief 2 August 2023

Highlights from the broader tax news for the week ending 2 August 2023, including: professional standards for HMRC’s compliance work; basis period reform guidance; CCO investigations; deeds of assignment; and alcohol duty CDS code changes.

Webinars and recordings

Tax in Practice July 2023 webinar

The third Tax in Practice webinar was held on 11 July 2023. This collaboration between the ICAEW Practice Team, Caroline Miskin from the ICAEW Tax Faculty, and guest speaker Rebecca Benneyworth FCA focused on current events and noteworthy developments in tax. You can find the webinar recording and resources shared during the live broadcast here.

Tax in Practice - July 2023

Join the Small Practitioners Community, ICAEW Tax Faculty and guest speaker Rebecca Benneyworth as they talk about HMRC service levels, MTD ITSA, marriage allowance, and changes to HMRC services.

Tax in Practice April 2023 webinar

The second Tax in Practice webinar (formerly Tax Talk) was held on 26 April 2023. This collaboration between the ICAEW Practice Team, Caroline Miskin from the ICAEW Tax Faculty, and guest speaker Rebecca Benneyworth FCA focused on current events and noteworthy developments in tax. You can find the webinar recording and resources shared during the live broadcast here.

Tax in Practice - February 2023

Conversations between Rebecca Benneyworth and the ICAEW Tax Faculty covering MTD ITSA delay, employer issues and things to be aware of in the run up to the end of the tax year.

MTDtalk 2022

In this series of webinars the ICAEW Tax Faculty (Anita Monteith and Caroline Miskin) and guests will provide the latest information and guidance on MTD ITSA, covering topics such as choosing software, the progress of HMRC’s pilot, the practicalities of signing up and answer questions from businesses and practitioners.

MTD ITSA: Your first 100 days plan

With only around 500 working days before the start of MTD ITSA, this webinar will focus your attention and outline clear actions that need to be taken in the next 100 days.

2022 02 17 Basis Period Reform

This webinar from the Tax Faculty will provide a step by step guide to the new rules and how the timing will work.

MTD for ITSA - back to basics and myth busting

This webinar recording from the Tax Faculty covers the regulations in detail explains where we are with the development of the policy and the pilot and what taxpayers and agents can do to prepare.

Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by Markel Tax.

Markel Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.

Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.

Tax planning for farm and land diversification (6th edition)

Julie Butler explores the latest developments in the area of tax planning for farm and land diversification, including protecting the farm's assets, alternative land use, hobby and lifestyle farming, letting activity and divorce and farming.

Income tax 2023/24

Annual guide covering the day-to-day issues most frequently encountered by tax practitioners, with worked examples and references to relevant legislation and case law. This new edition has been updated throughout for 2023/24 income tax rates and allowances introduced by Finance (No.2) Act and the Budget (Scotland) Act 2023.

Revenue Law: Principles and Practice

Textbook aimed at finance and business undergraduate students, providing readers with an understanding of the law relating to all areas of UK taxation. Content has been updated in line with Finance Act 2022.

Making tax digital tracker

The Tracker provides plain English guidance on the operation of MTD, with sections covering VAT, income tax, corporation tax and tax agents in relation to MTD. 

Bloomsbury Professional Tax Guide 2022/23

Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.

HMRC Investigations Handbook

Guidance on all aspects of HMRC’s investigative work, to help practitioners with tax administration and compliance.

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Aggregation of taxpayer's income

Summarises the three chief sources of income which must be aggregated in tax computations, organised under non-savings income, savings income tax, and dividend tax rates. It also notes a number of sources exempt from income tax.

Employment income

A long chapter on employment taxation in the UK. Covers NICs, income tax, and all the circumstances where a person may derive income or benefits from their employer.

Vouchers and credit tokens exempt from income tax

Outlines the tax exemptions for vouchers and credit tokens offered to employees under the Income Tax (Earnings and Pensions) Act 2003. Includes both income tax and class 1 national insurance contributions.

Readily convertible assets

Explains how these assets are defined and valued under the Social Security (Contributions) Regulations 2001 and the Income Tax (Earnings and Pensions) Act 2003. This section is of particular relevance to payroll managers handling benefits in kind.

Property income

An overview of taxation of property as it pertains to small businesses in the UK, determined by the Income Tax (Trading and Other Income) Act 2005. This chapter has sections on the basis of assessment, relief for capital expenditure, losses, and furnished holiday lettings (FHLs).

Trading losses: introduction

Sets out the principal ways of relieving trading losses under the Income Tax Act 2007.

Basis periods

A full chapter covering the basis periods for business taxation, as defined in the Income Tax (Trading and Other Income) Act 2005.

Taxation of trading income

Chapter on the taxation of trading income which starts with the statutory definition of trading and goes on to look at a list of potential expenditure from repairs to websites. Key cases are referenced throughout the text, as well as the specifics of the Income Tax (Trading and Other Income) Act 2005.

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Further support

Useful links

Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.

Income Tax Treaties

<p>Tax treaties between Australia and other international tax authorities, listed by country.</p>

Non-resident entertainers and sportspersons

HMRC self assessment helpsheet HS303, explaining the tax rules and treaty provisions for non resident entertainers and sportspersons.

Making Tax Digital for Income Tax hub

Collection of guides for agents and businesses on signing up and using MTD for income tax, including <a href="https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-income-tax">a list of compatible software available now</a>.

Cryptoassets for individuals

Policy paper setting out HMRC's view on how individuals who have cryptoassets (or cryptocurrency) are taxed. It explains what cryptoassets are, which taxes apply with detailed discussion of income tax and capital gains tax, cryptoassets received as earnings, and record keeping.

Self Assessment forms and helpsheets: Capital Gains Tax

Helpsheets providing advice on how to report capital gains when filing Self Assessment tax returns. These cover information about reliefs, shares, business assets, trusts, debt, and other specific topics.

Trusts and taxes on GOV.UK

An overview giving information and guidance on types of trusts, how trusts are treated for income tax, CGT and inheritance tax purposes, tax for trust beneficiaries, and the tax reponsibilities of trustees.

Tax on dividends

Guidance on taxable investments explaining how dividends are taxed, including the dividend allowances in each tax year and the tax rate on dividends over your allowance. It also provides guidance on the different rules for dividends before 6 April 2016.

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